Introduction of Natural Hazards Insurance Act 2023

On 1 July 2024 the Earthquake Commission will be renamed to Natural Hazards Commission Toka Tū Ake and the EQC Act 1993 will be replaced by the Natural Hazards Insurance Act 2023.

This change will impact policies that include a residential building.

The main changes are:

Clearer rules for mixed use buildings.
Clarifies law relating to repair of buildings and land after a landslide or other land damage.
Simplification of excesses and calculations for retaining walls, bridges and culverts.

The new name better reflects the range of natural hazards this Acty provide cover for, including tsunami, landslides, volcanic activity, earthquakes and geothermal activity. It also represents the role the Act plays in supporting New Zealanders to understand those hazards, and to both prepare for and recover from natural hazards when they occur.

For further information on these changes visit Natural Hazards Insurance Act 2023 :: EQC Toka Tū Ake.